Nova Renewable Energy (Novare) Fund SICAV plc (“the Scheme”)
JUNE 16, 2023

The Malta Financial Services Authority (“MFSA”) decided to proceed with the cancellation of the Scheme’s collective investment licence and the issuance of a directive against the Scheme.

 Address:

Nova Renewable Energy (Novare) Fund SICAV plc
Suite 5, Valley Towers,
Valley Road,
Birkirkara, BKR9022,
Malta

Business Activity:  A collective investment scheme (Professional Investor Fund).

BREACHES

The MFSA determined that the Scheme failed to comply with obligations emanating from the Investment Services Act (Chapter 370 of the Laws of Malta), as well as Standard Licence Conditions as set out in Part BII of the Investment Services Rules for Professional Investor Funds targeting Qualifying Investors (the “Rules”).

The Scheme failed to:

  • Submit the Annual Reports and Audited Financial Statements for the years ending 31 December 2018; 2019; 2020 and 2021 within six months from the end of the reporting period concerned in terms of SLC 1.62 of the Rules;
  • Appoint a Compliance Officer as per the requirements set out in SLC 1.23 of the Rules;
  • Appoint an MLRO as required by SLC 1.29 of the Rules;
  • Appoint an auditor approved by the MFSA in terms of SLC 1.32 of the Rules;
  • Settle the supervisory fees as required by SLC 1.63 of the Rules; and
  • To cooperate with the MFSA in providing the required information as required by Article 13(1B)(a) of the Investment Services Act.

REGULATORY ACTION

On 16 May 2023, the MFSA decided to proceed with the cancellation of the Scheme’s collective investment licence in terms of Article 7(3)(b) of the Investment Services Act. The MFSA has further issued a Directive to the Scheme in terms of Article 15 of the Investment Services Act, directing the Scheme to change its name and remove any reference to licensable activities in the objects clause contained in the Memorandum and Articles of Association.

It should be noted that the MFSA’s decision may be appealed before the Financial Services Tribunal within the period as prescribed by the applicable law.

PUBLICATION

This notice is being published in terms of Article 16(8) of the MFSA Act and the MFSA’s Publication Policy.

UPDATE ON 19 JUNE 2023

The Authority’s decision was not appealed before the Financial Services Tribunal within the period established by law.